Franklin Homestead expands affordable housing with new assisted living beds

During a recent Senate Appropriations meeting in Vermont, discussions highlighted significant strides in affordable housing initiatives that directly benefit local families. One key topic was the innovative shared appreciation model used in home sales, which aims to keep housing accessible for future buyers.

A representative shared that homes sold under this model have seen a notable increase in market value, with one property originally purchased for $230,000 reselling for $352,000 last year. However, thanks to the shared appreciation agreement, the next buyer can purchase it for just $190,000. This approach not only helps families secure affordable housing but also allows previous owners to walk away with cash, facilitating their transition to conventional homeownership. On average, about 50 homes are resold each year under this program, maintaining affordability for new families while benefiting the community.

The meeting also addressed the expansion of emergency shelter services in Vermont, which have doubled over the past four years. This increase is part of a broader effort to support housing stability and recovery for residents in need.

Additionally, the Franklin Homestead project was highlighted as a successful initiative in rural community support. Originally established in the early 1990s, the project has expanded from 23 apartments to include assisted living beds, demonstrating a commitment to affordable and supportive housing solutions.

These discussions reflect Vermont's ongoing efforts to address housing challenges and ensure that residents have access to safe and affordable living options. As the state continues to prioritize these initiatives, the community can expect further developments aimed at enhancing housing stability and support for families.